The world may change, but credit card fraud remains popular among scammers. Anyone can become a victim of credit card fraud at some point in their lives. There are ways to stay safe – even if you are in a high-risk group.
Financial services are primary targets in the domain of fraud, not only because they provide a substantial source of profit, but also because they represent a challenging way to gain an illegal income.
In the era of technology, credit cards are no longer strange to many people because of the many benefits they bring. However, as modern banking systems evolve, high-tech thieves employ increasingly complex fraud techniques.
While fraud targeting financial services is the game of innovative thieves, frauds targeting every single individual are the game of both innovation and psychology.
According to data from The Motley Fool’s The Ascent, more than 35% of American consumers have been victims of credit card scammers. The report also looks at age groups, with baby boomers topping the list with 42.6%, followed by millennials and generation X with 33.1% and 37.6%, respectively.
The older you are, the more likely you are to fall victim to credit card scammers. In fact, when it comes to credit card fraud, the elderly are typically the ideal prey.
Seniors and the elderly are considered soft prey. They are generally easy targets as they are more cooperative than younger people. It’s time to break down key reasons why credit card fraudsters target senior citizens and what families can do to protect their loved ones.
Why Are Senior Citizens Always Targeted By Credit Card Fraudsters?
With the proliferation of digital networking tools, people’s ability to capture and update information is mostly determined by their level of technological literacy. However, the majority of middle-aged and older adults lack this strength. Their credulity can make them easy targets for con artists.
Lack of Familiarity With Tech Terminology
Furthermore, the regular leaking of personal details in the digital world nowadays gives crooks an advantage to acquire an individual’s full name, date of birth, address, occupation, and place of residence. They might then create a fictitious scenario to entice or scare the victim into transferring money or providing personal as well as financial details.
Better Credit Score
According to leading credit card company American Express, the average credit score is higher in the older age group. A good credit-score portfolio is a fraudster’s favorite metric when looking for a victim.
Fraudsters can impersonate a bank employee or other reputable organizations in order to approach consumers, acquire security information, and steal money from their accounts and credit cards by offering to withdraw money from credit cards.
Approaches might be made via a phone call, text message, or even in person.
The most prevalent is that they pretend your account is in trouble and urge you to share or offer personal information such as an OTP code, a card number, a PIN code, a CVV number, a login name, an access password, a security question, and other card-related information.
Trouble Remembering, Detecting, and Reporting
According to medical experts, in addition to having trouble verifying information, the elderly have impaired judgment of situations and memory, and they easily forget what happened. Having said that, it is common for someone to be unaware that they have been a victim of credit card fraud.
Not all senior citizens have memory problems, although it is a common occurrence. Furthermore, even after detecting the scam, some people are embarrassed to disclose the incident. The more they remain silent, the more opportunity the rooks have. Unfortunately, scammers have picked up on this mindset and exploited the vulnerability.
How To Protect Your Elderly Relatives From Credit Card Frauds
Be Open to Talk about Touchy Topics
It is critical to be willing to discuss touchy subjects (in this situation, credit card fraud). Proper communication can help senior citizens be less sensitive and self-pitying, as well as safeguard them in the future if they are scammed. You can convey gentle warnings about scams through talks so that people are aware when similar indications appear.
Regular Check and Update
The simplest is regularly helping parents and grandparents in checking and updating phone software, teaching how to go online, playing safe social networks, and sharing cautionary anecdotes when getting calls from strangers. On the contrary, a lack of awareness and attention always exposes the elderly to a variety of dangers, not just frauds.
Use Financial Software Solutions For Additional Security
Credit card fraud is becoming more complex as tech-savvy crooks seek to amass a fortune by obtaining the personal and financial information of credit card customers. Because individual efforts cannot adequately solve the fears, it is always feasible to add a security system to increase the layer of safety, particularly when it comes to shopping.
There are only a few networks that can meet the demands. Securter, for example, is a one-stop safe system that eliminates human credit card entry to protect online transactions from hackers, fraud, and unauthorized card payments.
Unlike other online payment security systems, Securter is focused on the protection of both merchants and consumers.
The people who are developing the platform understand the issues that elderly persons face with new technology, so the team makes it as easy as possible to stay safe. With new tools, the future of credit card security should improve, and empower legitimate uses of the technology.
https://www.fool.com/the-ascent/research/identity-theft-credit-card-fraud-statistics/
https://www.americanexpress.com/en-us/credit-cards/credit-intel/credit-score-by-age-state/